A July survey of 18 strategists shows rising optimism on European equities as
earnings revisions support upside. UBS was most bullish, projecting the STOXX
Europe 600 to climb about 8% by year-end. BofA, Deutsche Bank and Kepler
Cheuvreux also raised targets. The surveyed strategists’ average expects the
index at 647 by end-2026 — under 1% above current levels — but bearish views
have narrowed: only five users expect a decline. UBS strategist Gerry
Fowler said upside risks now outweigh downside risks. CITIGROUP’s head of
European equity strategy Beata Manthey said she remains constructive over the
next 12 months and is encouraged by the magnitude, breadth and timing of recent
upward revisions to corporate earnings.
